tag:www.mockltd.com,2013-03-21:/blog/658312018-12-14T00:50:35ZMovable Type Enterprisetag:www.mockltd.com,2018:/blog//65831.35479262018-12-16T00:32:03Z2018-12-14T00:50:35Z
Problems with taxes and the Internal Revenue Service can affect anyone. You may think you are in line to stay on top of your tax obligations only to later experience a major financial setback. As a result, you may not have the ability to pay your taxes, and your assets could be at risk of seizure by the IRS.

In this type of predicament, you undoubtedly want to do what you can to get back on track. However, it is wise to remember that some fast options are too good to be true. For instance, tax settlement companies may offer great results, but they may not actually follow through.

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Remain wary

Many tax settlement companies claim that they hire tax experts and professionals who can help get your tax debt under control. They may claim that they can negotiate with the IRS to substantially lower your debt and that members of their staff once worked for the IRS themselves. These claims may have you feeling that utilizing the services of one of these companies is your ticket out of a tough spot. However, you may want to consider the following information about misrepresentation:

Though these settlement companies may claim that some of their employers are former IRS agents, it is more likely that their staff consists of standard customer service workers.

These companies also commonly state that they can get your debt lowered, but negotiating with the IRS is difficult, and lowering tax debt is even more challenging. As a result, your debt may only lower slightly or not at all.

While some settlement companies may actually put forth effort to work on your behalf, others are completely fraudulent. They may take your upfront fees (which often consist of thousands of dollars) and not actually do anything to help you.

Of course, it is not impossible to receive a reduction in your debt from the IRS. However, if a company claims that you will qualify for an offer in compromise without first looking at your information, you may want to remain wary, as not everyone qualifies for this IRS procedure.

Learning that tax settlement companies are often not all they claim to be does not have to dash your hopes of finding help with your tax issues. In fact, you can work toward finding a legitimate way to address your situation by consulting with an experienced Ohio tax attorney.

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tag:www.mockltd.com,2018:/blog//65831.35474882018-12-13T20:25:34Z2018-12-13T20:24:34Z
The family home will be most American’s biggest investment. However, many individuals and businesses engage in buying commercial property. The purchase of commercial property involves the same concepts as residential property, but there are often different issues. And while some will close a home sale without an attorney, it is misguided to assume one does not need an attorney for commercial property purchases, particularly ones involving large amounts of financing. According real estate veterans, these six tips can help headaches or even financial ruin:

Identify the sector of your proposed purchase: Is the property multi-family, retail, office, industrial or mixed use? Each sector has its own set of details to evaluate to determine if the deal is a good one.

Assess the issues tied to that classification: This includes both unique characteristics of the property as well as those tied to the sector. For example, industrial will have very specific issues tied to environmental liability.

Hire a structural engineer: Much like taking a used car to a mechanic before buying it, hiring an engineer will give information about the safety and longevity of a structure. Engineers look over surveys and other reports. They will also evaluate the quality of big-ticket items like the foundation, plumbing, roof, fire systems, HVAC, landscaping and more.

Evaluate future costs: Property owners do not stay in business long unless they enter into agreements after clear-eyed evaluation of the risks. Review the real estate taxes, financial statements, utility statements and maintenance history.

Check the title and permits: Ordinances will vary by jurisdiction. Do a title search to see if there are defects that could lead to disputes. The process can take weeks or years, so be prepared to discuss this with the seller.

Have financing lined up: As with any major purchase involving a loan, it is best to figure out the financing before sending a letter of intent. Delays caused by not having finances in order can lead to the deal falling through.

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Legal guidance takes out the guesswork

Attorneys with experience handling commercial property transactions can be a tremendous asset to buyers and sellers. They can help clients avoid unnecessary disputes and even offer an unbiased opinion that will benefit their clients today and in the future.

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tag:www.mockltd.com,2018:/blog//65831.35344342018-12-05T23:23:28Z2018-12-05T23:22:28Z
Thinking about contesting a will during probate is a fairly common part of the process for many. Of course, the standing of the objecting party will have a lot of bearing on the matter with children of the decadent ranking much higher than a distant cousin once promised something.

Why contest a will

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Common reasons for objecting to a will include the following:

Undue influence upon the decadent

The testamentary capacity of the decadent

The appearance of fraud or alteration in the drafting of the will

The mechanics of the document’s execution

It should be added that probate is never known for moving quickly, but it is still important to file objections in a timely fashion before deadlines pass. Many agree that the bigger challenge is the burden of proof involving such accusations as the testamentary or mental capacity of the decadent at the time of the will’s signing.

Weighing the cost

Contesting a will often pits immediate family members against each other. Along with the incredible emotion toll that is involved in fighting over the estate of a deceased loved one, there is also the expense of litigation that can drag on and drain the value of the estate itself.

It is often recommended to settle disputes to avoid ill will and expense. Withdrawing claims can make the most sense even if the process of contesting the will has begun. Often this will happen after the objecting parties realize how little money there really is when probate process is complete. Contesting disinheritance still may be necessary in some cases, so it is important to discuss a dispute with an attorney with experience handling probate.

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tag:www.mockltd.com,2018:/blog//65831.35195302018-11-27T20:53:40Z2018-11-27T20:52:40Z
The end of the year is coming up fast, particularly for small business owners. While there are a million details to resolve in what may be your busiest time of year, it is wise to think about the fiscal health of your business. There are a several tax and financial tips that can make a big difference going into the New Year.

6 quick tips that will help

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These will help close out the year and may point to additional deductions under the new tax laws.

Review your books: Look at how the company did. Have your accountant who will be handling your taxes check to make sure all the details are as accurate as possible and you have all necessary information in hand.

Defer income: It may be possible to defer payments until after January 1, which can help lower your tax obligation if you had a big year.

Spend money: Figure out if there is room to maximize deductions by spending more on your business. This can be as simple as paying bills in advance or even stocking up on office supplies.

Check your inventory: If the market value of your inventory is down, owners may be able to claim additional deductions.

Create a retirement plan: Owners can reduce their income by paying into a retirement plan. If you have one, increase the amount to the legal allowable amount.

Give to charities: Charitable donations to recognized non-profits can also bring down the size of your tax obligation. And it need not be cash – other items include clothes, toys and goods. Be sure to claim fair market value.

What if something does not look right?

If something does not look right as you go down this list, contact both your accountant and an attorney knowledgeable in tax law and business. These professionals can help resolve issues before they become major problems in the coming year.

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tag:www.mockltd.com,2018:/blog//65831.35173752018-11-26T15:42:37Z2018-11-26T15:41:37Z
The internet has made it easier to sell or determine the value of collectable objects. Nevertheless, families may have no idea what the value of some old stamps, rare books, comic books or even that vintage car. Perhaps a parent was a little self-conscious about how much they spent on pieces of art, or they simply saw no need to share the monetary value of their vinyl record collection.

Planning for the future

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The fun in these sorts of hobbies is the thrill of the chase for rare objects, but others may not feel same way, or they simply do not have the time or space. It is a good idea when updating an estate plan to consider what to do with a collection, regardless of the worth of the objects. Ideally, the collector does not want anyone fighting over the collection, but it also helps to see if anyone has an interesting in keeping it and establishing a baseline for what it is worth. Whatever the decision, they can then plan accordingly.

Three approaches to preserving the collection

According to Forbes, these are the three most common approaches to those who would like to keep their collection intact:

Charitable donation: This is a nice way to ensure a legacy and its care, but it can be harder to donate objects than people may think. Museums, schools and institutions often have much more than are displayed as a collection, so the owner should not assume without speaking with the organization, which must be recognized by the IRS as a public charity.

Selling the collection: The owner or the executor can do this. Like many things, it will likely take time and effort to get a fair value, but it is often the best way to divide the value of the collection. If an executor is to do it, make sure they get an unbiased appraisal. It is also worth noting that the IRS taxes collectibles at a higher rate than other objects.

Handing it down: This is typically the least likely solution. The collection may need the new owner to commit time, space and ongoing resources to maintain it. Perhaps the value or attachment by the family is so great that it is best to sell it in order to keep the peace.

Attorneys can help

It is common for lawyers who do estate planning to help clients create estate plans that include collections. As each situation is unique, an attorney will be able to tailor a workable plan that addresses the needs of the client as well as the heirs.

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tag:www.mockltd.com,2018:/blog//65831.35117892018-11-16T21:46:52Z2018-11-16T21:45:52Z
Real estate investments can be risky, particularly when it is for property outside the United States. Serial scammer Andris Pukke and others have now been charged with swindling more than $100 million out of American investors for property located in Belize. According to the Federal Trade Commission, this is the largest overseas scam that it has ever investigated and shut down.

Well known to authorities, Pukke allegedly conducted this scheme with cohorts while he was serving time in jail for obstructing justice. The project was reputedly a luxury development in the Central American country, which went under such names as Sanctuary Belize, Sanctuary Bay and The Reserve. The defendants are accused of selling luxury lots as Sanctuary Belize Enterprise (SBE) with a variety of amenities that would be completed soon.

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False claims and lies

Those who showed interest (ads were run in Bloomberg and on Fox News) were contacted by telemarketers for SBE who pitched the sale of these properties using a series of false claims:

SBE used a no-debt model which supposedly was less risky than making payments to a bank

All money paid to SBE went into the project

Continual funding would speed the completion of the project (2-5 years)

The amenities would include a hospital staffed with American doctors, a golf course, an airstrip and an airport with direct flights to the U.S.

Buyers could easily resell their lots

The lots would double or triple in value within a few years

A cautionary tale

The tragedy of this fraudulent scheme is only deepened by the fact that the defendants targeted those who were elderly, perhaps retired or on a fixed income. There are examples of real estate scammers all over the place, but as the FTC pointed out, few have been as large and brazen as SBE.

Those interested in making real estate investments are always best served when they discuss a potential agreement or contract with an attorney. Legal guidance can protect individuals from unfair deals or potentially iffy investments.

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tag:www.mockltd.com,2018:/blog//65831.35058092018-11-15T02:59:03Z2018-11-12T17:03:25Z
After a loved one dies, you and your family will likely experience many endings and closings. Among these is the process of probate, which legally closes a deceased person's estate, pays any lingering debts and distributes the remaining assets.

To many, probate is a mystery since it seldom takes place in the public eye. It may seem to you that your loved one's probate is a long period of waiting, seemingly for no reason. However, many things are taking place while you wait, and you may benefit from understanding those steps and their purposes.

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Typical steps to probate

Ohio has its own laws regarding the details of probate, including what happens if your loved one did not have a will or other estate plan in place at the time of death. However, the same elements of probate are similar across the country.

Probate begins when a survivor of the deceased petitions the court to begin the process. If there is a will, the court will determine whether the will is valid and authentic. Your loved one may have named someone to be the executor of the estate. Otherwise, the court will appoint someone. The executor will handle many of the tasks of probate, including:

Gathering the assets of the deceased

Protecting and appraising the assets

Locating all the heirs named in the will or those indicated by state law if there is no will

Identifying and verifying any creditors to whom the deceased owed money, including the IRS

Allowing the creditors a certain amount of time to claim their debt

Paying all debts, including filing final income tax return and paying any federal estate taxes

Selling assets if the estate does not have enough money to cover the debts

When time elapses for the creditors to make their claims, the court will authorize the distribution of the assets, which the executor will handle appropriately.

Keeping things on track

As you can see, the executor has many weighty and often tedious responsibilities. He or she will also be dealing with heirs who may be impatient for their inheritances or concerned that the executor is not handling the assets properly. If these concerns turn into challenges, the probate process may stall while the court sorts things out.

Whether you are an heir who is troubled by an executor's actions or you are overwhelmed by the duties of administrating the estate of your loved one, you can seek help and guidance from a legal professional. Estate attorneys have experience in handling the details of probate as well as any contests that may arise among heirs.

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tag:www.mockltd.com,2018:/blog//65831.35019902018-11-07T22:14:31Z2018-11-07T22:13:31Z
This year was the beginning of the new Tax Cuts and Jobs Act. This means that taxpayers will likely need to make some adjustments to help reduce the potential for underpaying or overpaying their taxes. While there are just a few pay periods left before the end of the year, there are some tips that will work in the 11th hour for reducing or addressing your tax obligation.

Check your withholding

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Your employer may have adjusted workers’ withholding to reflect changes in the tax law. Check to see if your big itemized deductions are still applicable – if they are not, you will not be withholding enough. To figure out the correct amount, use the IRS’s withholding calculator. If it is low, fill out a new W-4 with your employer (you can even put a dollar amount in to bump up the size of the withholding).

Sell losing stocks

The tax code enables taxpayers to sell off any investments valued below the purchase price. They can then apply the loss to counter any taxable capital gains. These rates vary depending on how long the investment was held. Short-term losses should be applied to short-term gains, and long-term losses should apply to long-term gains. Any additional loss up to $3,000 can apply to ordinary income. If there is more loss, this can be rolled over to next year.

Determine if there are capital gains distributions coming

If a taxpayer owns a mutual fund in a taxable account, they must pay taxes on the gains before filing a tax return. If there is a distribution, see if there are other mutual funds, stocks or bonds that have gone down in value that can be sold to help offset the gain.

Maximize retirement funds savings

Increasing pretax payments to retirement accounts will lower take-home pay and reduce tax obligations. Check with human resources or the administrator of your 401(k) to find out how much can be placed before the end of the year.

There are other options

There are other legal options for reducing tax obligation for 2018 as well. A financial expert or an attorney with a background in tax law can be helpful in coming up with an effective plan to meet individual needs before it is too late.

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tag:www.mockltd.com,2018:/blog//65831.34870482018-10-26T16:20:02Z2018-10-24T14:47:09Z
The $1.6 billion Mega Millions and $620 million Powerball jackpots have prompted even the most causal of lottery players to jump in and give it a shot. Regardless of who won, the fact is that the federal government is going to get a sizable chunk of the winnings.

This prompts us to remind folks that it always a good idea to consult with a financial law attorney as well as other financial advisors to avoid overpaying one’s tax obligations, particularly when there is a major windfall. This is applicable to jackpot winners, those who won big bucks in Las Vegas or somehow came into a large amount of money in a lump sum or an annuity spread over several decades.

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The bad news

The tax bite starts before the winner ever sees that check with 24 percent taken off the top for federal tax withholding. The rate of 37 percent applies to the adjusted gross income of $500,000 or more. That other 13 percent must be paid when tax time rolls around. This does not include the 4 percent cut the state of Ohio gets. Depending on which state you live in -- North Dakota has a rate of 2.4 percent and New York has one of 8.8 percent – the total tax obligation could be as high as 45 percent of the total.

Lowering the obligation through deductions

There are a number of different deductions that can count against a windfall, including gambling losses. Other common deductions for itemized tax filers include amounts for the following:

Up to $10,000 in state and local taxes

Interest paid on a home loan up to the amount of $750,000

60 percent of any charitable donation

$15,000 gift to any individual annually

$11.18 million per person in federal estate tax or gift tax annually until 2025 (Ohio does not charge estate or gift tax)

It is complicated

The state and federal tax systems are extremely complicated and change over time. Those benefitting from lottery wins and other major windfalls are advised to speak with an attorney who can help them map out or update strategies for taxes and gifts as well as estate planning.

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tag:www.mockltd.com,2018:/blog//65831.34826902018-10-24T16:20:02Z2018-10-19T04:40:32Z
Commercial tenants in Ohio enjoy many of the same rights as residential tenants. But really, it breaks down to the lease contract that both sides sign to determine what those rights and obligations are. Experts agree, it is always crucial to go over important contracts with a lawyer, particularly one with real estate law experience if a business is looking to rent a new commercial space. Not only can a lawyer point out any loopholes or other issues a landlord may use to their advantage, they can help negotiate the lease to ensure that it is binding in a court of law.

Common commercial real estate disputes

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Businesses deals sometimes end up in dispute. A real estate agreement is no different. Common areas of dispute include:

Breach of lease

Excessive late fees

Overcharging rent

Maintenance obligations

Repairing damage to property

Partial or no return of deposit

Hidden fees

And many other issues

Commercial tenants have rights

Regardless of whether the landlord is negligent or outright unscrupulous, guidance from a real estate lawyer can help foster the viability of a business by representing the tenant’s interests. Whether this is through the negotiation of a contract, mediation in a dispute or fighting for a client’s rights in a court of law, lawyers can handle legal concerns while owners and managers focus on operating a successful business.

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tag:www.mockltd.com,2018:/blog//65831.34825652018-10-23T16:20:02Z2018-10-19T15:30:04Z
You probably spent a significant amount of time making your business into what it is today. You work hard every day to make sure that it continues to thrive. More than likely, it provides a substantial amount of income for you and your family.

As part of your ongoing efforts to make sure the business outlasts you, you may have a succession plan in place as part of your estate plan. However, have you made arrangements for what happens to your business if you become incapacitated? This is where powers of attorney come into play.

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What type of power of attorney do you need?

A financial power of attorney allows you to appoint someone you trust to act on your behalf when it comes to your legal and financial affairs in the event of your incapacitation. You may also appoint more than one person to make the decisions together if you would prefer, along with an alternate agent in case the primary cannot or will not serve in this capacity.

In addition, you can decide how much power your agent receives. You could give him or her power to handle only specific tasks, limited tasks or everything. It's up to you. You could limit the actions that your agent could take when it comes to your business if you want to make sure that your agent doesn't sell the business, but only takes care of daily operations.

A POA must be executed well before you become incapacitated in order to avoid any suspicions that you were not of sound mind when you executed it. The document must meet similar requirements as your will and other estate planning documents. You need to understand what you are doing and make an informed decision. Beyond that, you may choose to structure your POA in one of two primary ways.

Would you prefer a durable or springing power of attorney?

You could choose your POA to be either durable or springing. A durable POA becomes effective as soon as you sign it. That means that your agent could begin making decisions for you right away. A springing POA does not go into effect until you become incapacitated. You need to specify what incapacitation means for you. Vague language could only delay your agent's ability to step in for you. It may also make sense to require your doctor to certify your incapacity.

In order to make sure that you fully understand your choices and properly execute a financial power of attorney, you may want to make use of legal resources here in Toledo.

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tag:www.mockltd.com,2018:/blog//65831.34823812018-10-18T16:21:30Z2018-10-18T16:20:30Z
Everyone has their own strengths and weaknesses. While people may not like to think about their weaknesses, it can be important to do so. It can especially be so when starting a small business.

An entrepreneur’s strengths and weaknesses can have major implications on his or her startup’s likelihood of success. By identifying weaknesses that could potentially have negative impacts on their company, business owners can start to take efforts to strengthen these weaknesses. This could have benefits both for their business and for their overall professional goals. The earlier a person starts this process, the earlier he or she may be able to see such benefits.

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So, when getting a startup off of the ground, entrepreneurs may want to:

Carefully think about their personal strengths and weaknesses

Consider which weakness it is most important for them to strengthen to help their business

Set clear goals for strengthening these weaknesses

Take regular and deliberate steps towards achieving these goals

Weaknesses that could affect their business are not the only things it can be important for entrepreneurs to identify early. Also among these things are legal matters or issues that could have the potential to cause trouble for a business down the line. Catching these issues early can allow startup owners to take steps to keep them from becoming big problems that could be very stressful and carry major financial consequences. Business law attorneys can help entrepreneurs going through the startup process here in Ohio with identifying and addressing potentially impactful issues.

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tag:www.mockltd.com,2018:/blog//65831.34647572018-10-05T21:46:13Z2018-10-05T21:45:13Z
The death of a parent or loved one can be a hard and deeply emotional experience. Moreover, it becomes more complicated if there is no will, or one that is poorly written. Experts always advise people to put some real thought into a will and work with an estate law attorney to address issues that go much further than dividing the furniture.

A well-considered will can make it easier on survivors because the important decisions (save those unforeseen issues that arise) are considered and addressed. This can avoid igniting long simmering emotions or highlighting schisms that sometimes form in families. Along with the following tips, an experienced attorney can help guide clients through the decision-making process and help spot potential areas of trouble.

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Name the right executor: Pick the person in the family who has the ability and interest in fulfilling the obligations of the job, which requires a lot of paperwork, an understanding of finance, and a certain level of communication skills. If the estate involves a complex portfolio of assets perhaps including ownership of a business, a knowledgeable estate law attorney may be best for guiding the family through probate. They can also be a neutral third party who can equitably address or resolve issues that arise among beneficiaries.

Include personal property: Have a discussion with family members about family heirlooms and personal property. Passionate fights among survivors can erupt over a favorite family portrait, a Christmas tree ornament, or great grandmother’s engagement ring.

Explain any unequal bequests: It is hard to argue when assets are evenly split, but perhaps the youngest son spent several years living with and caring for the parents while other siblings pursued careers far from home. This has left him with limited finances, so you want to give him the house or a larger percentage of the money. If this is the case, it is often best to let everyone know ahead of time so the family can get used to the idea. If not when you are alive, then explain the rationale in the will.

Be smart about money: Surviving spouses need to be provided for, but should the second husband get everything until he dies? In addition, it is wise to avoid giving a large lump sum to young adults, those who have trouble managing money, or those with chemical dependency issues. Moreover, a business owner may want the business to stay in the family, but she or he will need to plan for that transition and the structure of the new ownership. Working with an estate law attorney can address any money issue and help avoid unnecessary expenses and tax obligation.

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tag:www.mockltd.com,2018:/blog//65831.34554642018-09-28T22:18:52Z2018-09-28T22:17:52Z
The Tax Cuts and Jobs Act of 2017 (TCJA) is a major overhaul of our tax system that affects nearly everyone, including individuals, families and companies. While the law was signed in 2017, income earned in 2018 is when its impact will first be made on those filing taxes. This even includes some of those who receive Social Security benefits.

Taxes involving SSDI, SSI and workers’ comp

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Most people receiving Social Security Disability Insurance (SSDI) or Supplemental Security Income (SSI) do not pay income taxes at the federal or state level. However, part of s compensation may be taxable if they receive that in addition to SSDI. Common examples of this include an injured taxpayer fails to improve and becomes permanently disabled.

Social Security benefits can be taxable when a taxpayer has both Social Security Disability and workers’ compensation. If this is the case, the workers’ comp reduces your Social Security benefits and the additional WC amount is taxable. Determining this involves using the normal Social Security benefits formula: Add 50 percent of the Social Security total to you other income.

Benefits may be taxed if:

The base amount for a taxpayer is more than $25,000

The base amount for married taxpayers who file jointly is more than $32,000

Other exceptions to tax-exempt status

If an injured worker receives both SSI as well as workers’ compensation

If a the worker’s claim is finally settled

The worker opts to retire at the same time he or she is receiving worker’s compensation payments.

Knowledgeable guidance can help

Regardless of whether your taxes go up or down, they could change. Failure to recalculate the proper amount of taxes could mean a penalty or audit regardless of whether the wrong numbers were intentional or not.

It is never a good idea to put you disability benefits in jeopardy. Legal professionals who work with taxes can be a tremendous asset to clarifying your tax obligations, particularly if there are government benefits and subsidies involved.

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tag:www.mockltd.com,2018:/blog//65831.34467442018-09-26T20:20:00Z2018-09-21T22:08:10Z
The Foreign Account Tax Compliance Act (FATCA) requires foreign financial institutions to indentify U.S. taxpayers and report information about their financial accounts. The primary aim was to prevent taxpayers from using foreign accounts to commit federal tax crimes.

The law was enacted in 2010, yet it has just now seen its first conviction. According to an announcement by the Department of Justice, former Chief Business Officer and former Chief Executive Officer of Loyal Bank Ltd pleaded guilty to conspiring to defraud the United States by failing to comply with FATCA. The offshore bank has offices in Hungary and Saint Vincent and the Grenadines.

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The government catches its man

In something straight out of a thriller, an undercover government agent met with the bank executive in June of 2017 and explained that he was a U.S. citizen interested in stock manipulation schemes. He wanted to open several accounts to facilitate this, but did not want his name attached to the accounts. The banker said it could be done and provide debit cards for access.

The agent met again with the banker in July of 2017 and explained how his scheme would work, including how it would avoid FATCA. The banker said he would not submit FATCA paperwork unless it indicated obvious United States involvement. Loyal Bank subsequently opened several accounts and at no time requested FATCA information.

Extradited and convicted The banker was extradited from Hungary to the United States in July 2018 thanks to an international effort involving several government and law enforcement agencies here in the U.S. and abroad. The banker entered his plea in September and he now faces up to five years in prison.

There may be the temptation to cut corners or omit information when filing taxes, but it is foolish to think that an individual can get away with it. If they are unhappy with their current tax obligations, it would be wise for them to speak with an attorney that has experience in tax law, particularly if the business has dealings outside the country that would require FATCA paperwork. Attorneys can often find legal cost cutting measures that make smart business sense without putting businesses in jeopardy.